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GE Capital has sold its $2.3B portfolio of mortgage loans to three separate financial institutions. With CBRE's national loan sales advisory helping as exclusive adviser for the sale, GE Capital is divesting the portfolio in order to wind down their financial services presence. The portfolio consists of 313 loans secured over 450 US properties, making it one of the largest portfolio loans sales since 2008.
Deutsche Bank had the largest take, with a portfolio that includes 46 performing and sub-performing loans with an unpaid balance of $1.59B. Waterfall Asset Management came in second place with a portfolio of 265 small balance loans from GE Capital’s business property lending unit, totaling $565M.
Finally, Newcastle Investment purchased two performing loans to $157M. GE’s US and international businesses will be separated and then consolidated under new holding companies. [GS]
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